Check my work mode : This shows what is correct or incorrect for the work you haveRequired informationProblem 10-6A Disposal of plant assets LO C1, P1, P2[The following information applies to the questions displayed below]Önslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $8,000cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations.The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to becharged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.Problem 10-6A Part 33. Prepare journal entries to record the machine's disposal under each of the following separate assumptions:1. Record the sale of the used machine for $21,000 cash.2. Record the sale of the used machine for $84,000 cash.3. Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in a fire.Answer is not complete.DebitCreditGeneral JournalNoDate21,0001Dec 31219,200 separate assumptions:1. Record the sale of the used machine for $21,000 cash.2. Record the sale of the used machine for $84,000 cash.3. Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in aAnswer is not complete.NoDateGeneral JournalDebitCredit1Dec 3121,000 OAccumulated depreciation-Machinery219,200Loss on sale of machinery57,000 XMachinery297,200 X2Dec. 31Cas84,000Accumulated depreciation-Machinery219,200Machinery297,600Gain on sale of machinery560 X3Dec 31Cash31,500219.200Accumulated depreciation-Machinery46.500 XLoss from fire297,200 XMachinery

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Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. oblem 10-6A Part 3 Prepare journal entries to record the machine's disposal under each of the following separate assumptions: $21,000 sh. 1. Record the sale of the used machine 2. Record the sale of the used machine for $84,000 cash. 3. Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in a fire.

Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below] Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. oblem 10-6A Part 3 Prepare journal entries to record the machine's disposal under each of the following separate assumptions: $21,000 sh. 1. Record the sale of the used machine 2. Record the sale of the used machine for $84,000 cash. 3. Record the insurance settlement received of $31,500 resulting from the total destruction of the machine in a fire.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 4AP

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